GBP Futures: further consolidation likely

In light of preliminary data for GBP futures markets from CME Group, open interest increased for the second session in a row on Monday, now by nearly 2.4K contracts. In the same line, volume reversed two straight drops and gained more than 1.3K contracts.

GBP/USD faces extra rangebound near term

Cable’s price action remains unclear in the 1.2300 neighbourhood for the time being. Increasing open interest and volume should keep this scenario unchanged in the near term, although with the usual attention on UK politics and Brexit.